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When does leasing make more sense?

(NC) Choosing whether to lease or purchase your new vehicle can be a difficult decision. Both options have their advantages but finding the right option for your pocket book will depend largely on your individual lifestyle. John Roth, vice president of sales, service and marketing at General Motors of Canada offers some insight and comparisons between leasing and buying:

Leasing:

• Leasing periods typically last two to three years. This is a good option for those who like to switch to new vehicles frequently.

• Depending on the type of leasing contract, regular maintenance may be included under the contract.

• Leasing contracts include a limit on kilometres. Leasing may not be the best option for drivers who regularly drive long distances which could result in additional charges at the end of the lease contract.

• Lease holders are unable to alter or customize their vehicles.

• Only the depreciation value of the vehicle is used to calculate monthly payments in comparison to the full price of the vehicle used in loan repayment calculations.

• Monthly lease payments are lower, so lease holders may have room to choose a more luxurious car.

Buying:

• Ownership means you'll have the vehicle for a longer period of time. This is a good option for those who like to keep their vehicle for longer periods of time.

• Owners of vehicles are fully responsible for the cost of regular maintenance.

• Vehicle owners are not limited to a certain amount of kilometres.

• Drivers who enjoy altering and customizing their vehicles should look to own.

• Financing payments are based on the total value of the vehicle.

• Monthly payments through financing options are typically higher than monthly lease payments.

“In the end, choosing to lease or purchase a vehicle will depend largely on a family or individual's lifestyle, needs and financial circumstances,” John Roth explains. “Take an honest look at your driving habits and what you need from a vehicle. It's also important to do the math to figure out whether leasing or purchasing is your best option.”

More information and advice is available online at Chevrolet.ca and at your local dealer.

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